The Financial Stability Board (FSB) has issued a report advocating for increased regulatory scrutiny of the private credit market due to systemic vulnerabilities and opaque risk exposures.

金融穩定委員會 (FSB) 發表了一份報告，主張由於系統性漏洞和風險披露不透明，應加強對私人信貸市場的監管。

The private credit sector, currently valued between $1.5 trillion and $2 trillion, experienced significant expansion following the 2008 Global Financial Crisis as alternative investment vehicles filled the void left by traditional investment banks. While historically focused on mid-sized enterprises and institutional capital, the market has transitioned toward financing larger corporations and incorporating retail investors through semi-liquid vehicles. This evolution has coincided with a heightened concentration of lending in the technology, healthcare, and services sectors. Specifically, the AI industry's share of private credit transactions rose from 17% over a five-year average to over one-third in 2025. The FSB posits that such sectoral concentration increases susceptibility to idiosyncratic shocks, noting that a correction in AI asset valuations—potentially precipitated by electricity supply deficits or an oversupply of data centers—could result in substantial credit losses.

私人信貸部門目前的估值在 1.5 兆至 2 兆美元之間，在 2008 年全球金融危機後經歷了顯著擴張，因為替代投資工具填補了傳統投資銀行留下的空白。雖然過去主要集中於中型企業和機構資本，但市場已轉向為大型企業提供融資，並透過半流動工具納入零售投資者。這一演變與科技、醫療保健及服務業貸款集中度的提高相吻合。具體而言，AI 產業在私人信貸交易中的佔比從五年平均 17% 增加到 2025 年的三分之一以上。FSB 認為， such 產業集中度增加了對特有衝擊的敏感性，並指出 AI 資產估值的修正（可能由電力供應短缺或數據中心過剩引起）可能導致重大信貸損失。

Furthermore, the FSB identifies a concerning level of interconnectedness between private credit and the traditional banking system. This integration manifests through bank credit lines, revolving facilities, and strategic partnerships between banks and asset managers. Although official statistics record $220 billion in bank credit lines, commercial data suggests the actual figure may be double that amount. The FSB contends that these linkages, combined with the use of payment-in-kind loans and high leverage, could amplify market stress during an economic downturn. The systemic nature of these risks is evidenced by the collapse of Tricolor and First Brands, which resulted in losses for institutions such as JPMorgan, Barclays, UBS, and Jefferies.

此外，FSB 發現私人信貸與傳統銀行系統之間的互連程度令人擔憂。這種整合體現在銀行信用額度、循環信貸額度以及銀行與資產管理公司之間的策略合作夥伴關係。儘管官方統計記錄了 2,200 億美元的銀行信用額度，但商業數據顯示實際數字可能是該金額的兩倍。FSB 主張，這些關聯加上實物支付貸款和高槓桿，可能會在經濟低迷期間放大市場壓力。Tricolor 和 First Brands 的崩潰證明了這些風險的系統性，導致摩根大通、巴克萊、瑞銀和傑富瑞等機構遭受損失。

In response to these vulnerabilities, the FSB recommends that national regulators implement standardized data collection, refine valuation practices, and address liquidity mismatches. This call for oversight aligns with recent concerns expressed by the European Central Bank and the Bank of England, the latter of which is currently conducting industry-wide stress tests to evaluate asset quality and valuation discipline. European institutions, including Deutsche Bank, BNP Paribas, and Barclays, have disclosed private credit exposures ranging from $20 billion to $30 billion.

針對這些漏洞，FSB 建議各國監管機構實施標準化數據收集、完善估值實務並解決流動性錯配問題。此監管呼籲與歐洲央行和英格蘭銀行近期表達的擔憂一致，後者目前正在進行全行業壓力測試，以評估資產品質和估值紀律。包括德意志銀行、法國巴黎銀行和巴克萊在內的歐洲機構，披露的私人信貸風險敞口在 200 億至 300 億美元之間。

The global financial system faces potential instability from the private credit sector's opacity and sectoral concentration, prompting calls for rigorous international regulatory harmonization.

全球金融系統面臨私人信貸部門不透明和產業集中度帶來的潛在不穩定，促使各界呼籲進行嚴格的國際監管協調。